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Woodruff Place, Indianapolis, Indiana

Founded in 1872 by New Yorker James O. Woodruff, this old suburb, about a mile east of downtown Indianapolis, was a self-governing town for more than 80 years. Traces of this autonomy are still evident in the tight-knit community, for Woodruffians are active in hosting social gatherings and bimonthly neighborhood meetings. Take a walk around town and you'll see broad boulevards, decorative fountains and urns, and statues surrounded by magnolia and oak trees. The inspiration for Booth Tarkington's The Magnificent Ambersons, Woodruff Place is a quintessential Midwestern town and was added to the National Register of Historic Places in 1972.

The HomesThe oldest houses are Eastlakes, Stick Victorians, and Queen Annes, though Woodruff Place is also home to many Georgian Revivals, English Tudors, Bungalows, American Foursquares, and Colonial Revivals. Fixer-uppers can be purchased for less than $100,000.

Why Buy Now?The stately homes in Woodruff Place were built for the elite but are now available at moderate prices. Many large Victorian-era homes that were divided into apartments in the 1960s and '70s can be returned to single-family houses.